Amazon acquiring Goodreads

By Marianne Wilson

Seattle -- Amazon.com announced that it has agreed to acquire social site Goodreads, an online book recommendation community that has more than 16 millions around the globe. The financial terms of the deal, which enhances Amazon's already significant clout in the book publishing world, were not disclosed.

“Amazon and Goodreads share a passion for reinventing reading,” said Russ Grandinetti, Amazon VP, Kindle Content. “Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world. In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft. Together we intend to build many new ways to delight readers and authors alike.”

On the Goodreads site, users can write reviews, recommend books to one other, keep track of what friends are reading and also purchase books from various Internet retailers, including Amazon and Barnes & Noble. There are more than 30,000 books clubs on the site.

Following the acquisition, Goodreads’s headquarters will remain in San Francisco. Otis Chandler, a founder of Goodreads, said his management team would remain in place to guard the company's signature objective reviewing process.

“Amazon has a real history of building independent brands and running them as independent companies,” he said in a phone interview with The New York Times.